Key Person Life Insurance to Safeguard Your Business
Tragedy doesn’t have to spell the end for your organization. Key person life insurance through NEC Insurance covers expenses while you account for the death or disablement of critical personnel.
NEC understands it can be difficult to know whether you have the best possible deal on your key person life insurance plan. We help you explore your options and find robust coverage at the best value for your budget.
There are several types of key person insurance policies available to businesses. When you partner with NEC Insurance, we walk you through your options for coverage, evaluating your assets and existing insurance structure before recommending a plan that suits your budget. We understand key man insurance is vital to the longevity of your organization. Our agents apply every tool at our disposal to define and implement a winning solution for your company.
Common key employee insurance policies include:
This is the most straightforward and affordable key man life insurance available. It provides a fixed death benefit for a set period (usually 10-30 years). As long as you pay the premiums, you receive the benefits. When the term ends, you can choose to renew the plan or opt for a new policy. If the insured individual passes away before their term ends, the policy pays out a predetermined amount to your business.
As its name implies, whole life insurance provides coverage for your entire lifespan (as long as premiums are kept up). If the key figure leaves the company, you can cancel the policy and retain the total cash value. Depending on which plan you choose, it also provides additional benefits such as cash value growth, living benefit riders, and more.
This form of key man life insurance combines features from both term and whole life policies. Like term policies, universal policies provide coverage for a specified period of time; however, they also offer added flexibility in terms of premium payments and death benefits.